Amundi Has $500.09 Million Stake in Phillips 66 $PSX

Key Points

• Amundi reduced its Phillips 66 stake by 19.3% in the second quarter, selling 709,196 shares and retaining 2.96 million shares valued at approximately $500.1 million. Institutional investors collectively own 76.93% of the company.
• Analysts maintain a generally positive outlook, with Phillips 66 receiving a “Moderate Buy” consensus rating and an average price target of $218.94. The company recently reported quarterly EPS of $9.41, surpassing estimates of $7.50.
• Phillips 66 declared a quarterly dividend of $1.27 and authorized a $10 billion share-repurchase program, allowing it to buy back up to 11.8% of outstanding shares.

Amundi reduced its stake in Phillips 66 (NYSE:PSX - Free Report) by 19.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,958,255 shares of the oil and gas company's stock after selling 709,196 shares during the period. Amundi owned approximately 0.74% of Phillips 66 worth $500,093,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Proficio Capital Partners LLC bought a new stake in Phillips 66 in the second quarter worth about $384,000. MUFG Securities EMEA plc grew its position in shares of Phillips 66 by 113.5% during the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company's stock valued at $2,131,000 after acquiring an additional 8,783 shares during the period. Fifth Third Bancorp grew its position in shares of Phillips 66 by 543.7% during the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company's stock valued at $23,348,000 after acquiring an additional 108,248 shares during the period. BlackRock Inc. purchased a new stake in shares of Phillips 66 during the 2nd quarter worth approximately $5,766,779,000. Finally, National Pension Service increased its stake in shares of Phillips 66 by 2.0% during the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company's stock worth $79,238,000 after purchasing an additional 11,960 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company's stock.

Wall Street Analysts Forecast Growth

PSX has been the topic of several research analyst reports. Guggenheim upgraded Phillips 66 to an "outperform" rating in a research note on Wednesday, May 27th. Wall Street Zen raised Phillips 66 from a "buy" rating to a "strong-buy" rating in a research report on Sunday, July 26th. The Goldman Sachs Group boosted their target price on Phillips 66 from $207.00 to $235.00 and gave the company a "neutral" rating in a research note on Wednesday, July 22nd. BMO Capital Markets lifted their price objective on Phillips 66 from $195.00 to $215.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. Finally, Wells Fargo & Company boosted their price objective on Phillips 66 from $239.00 to $335.00 and gave the company an "overweight" rating in a research note on Tuesday, September 1st. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $218.94.

Insider Transactions at Phillips 66

In related news, CFO Kevin J. Mitchell sold 11,021 shares of the business's stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Vanessa Sutherland sold 3,523 shares of the company's stock in a transaction that occurred on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares of the company's stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last quarter. 0.40% of the stock is owned by company insiders.

Phillips 66 Price Performance

Shares of NYSE PSX opened at $255.13 on Tuesday. The firm has a market capitalization of $101.80 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The stock's 50-day simple moving average is $216.00 and its two-hundred day simple moving average is $186.75. Phillips 66 has a twelve month low of $126.74 and a twelve month high of $260.68.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $7.50 by $1.91. The firm had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same quarter last year, the company posted $2.38 EPS. As a group, equities analysts anticipate that Phillips 66 will post 24.07 EPS for the current fiscal year.

Phillips 66 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th were issued a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, August 18th. Phillips 66's dividend payout ratio is presently 28.95%.

Phillips 66 declared that its board has initiated a stock repurchase program on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

About Phillips 66

Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.

The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.

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